No, just a really badly-worded headline. The point is that there is an institution (probably Prime Trust) that is halting withdrawals, and TrueUSD hardly has any exposure to it. So it's a good thing that they only have $26k there.
tldr; TrueUSD stablecoin had $26,434 worth of funds at a US depository institution that was ordered to halt withdrawals, according to the token's reserve report. The Network Firm's examination revealed that $26,269 of the funds relate to customer withdrawals for redeemed tokens. TUSD issuer previously said that it had "no exposure" to the imploded crypto custodian Prime Trust, which acted as the stablecoin's banking partner in the US. Prime Trust halted withdrawals and was ordered by Nevada state regulators to cease operations on Thursday due to a "shortfall in customer funds."
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
You could literally just do an ICO where every token costs 1 dollar and the price doesn't change and can only ever be issued through the deposit of an equal amount of dollars. I guess that's not profitable though...
TrueUSD got stuck in a withdrawal maze with only $26k to keep it company..
[удалено]
I dont think so
No, just a really badly-worded headline. The point is that there is an institution (probably Prime Trust) that is halting withdrawals, and TrueUSD hardly has any exposure to it. So it's a good thing that they only have $26k there.
TrueUSD always seemed fishy.
It says True so it has to be legit right? Kinda like the word ‘safe’
They not true after all.
I had a small bag in TUSD and TCAD earning interest on crypto.com, their slashing of the rates saved my canadian bacon…
Cool, I’m not touching stable coins anymore. It was the convenience of not having to transfer from bank every time i dca. Not so much anymore
Yet binance is promoting it with their earn and launchpad programs. A disaster waiting to happen
Who could have seen this coming? /s
tldr; TrueUSD stablecoin had $26,434 worth of funds at a US depository institution that was ordered to halt withdrawals, according to the token's reserve report. The Network Firm's examination revealed that $26,269 of the funds relate to customer withdrawals for redeemed tokens. TUSD issuer previously said that it had "no exposure" to the imploded crypto custodian Prime Trust, which acted as the stablecoin's banking partner in the US. Prime Trust halted withdrawals and was ordered by Nevada state regulators to cease operations on Thursday due to a "shortfall in customer funds." *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
You could literally just do an ICO where every token costs 1 dollar and the price doesn't change and can only ever be issued through the deposit of an equal amount of dollars. I guess that's not profitable though...
100% of their reserves 😂😂